Take it from a programmer, it will run on your computer. The only thing that I see being an issue is your processor being a little slow. Other than that you have met the requirements to run Windows 7.
I have yet to run it on anything myself due to the fact that I do work on every computer I touch and my particular work is not yet supporting anything past Vista (in writing). But from what I hear and have seen it is basically a more efficient version of Vista with some additional "wow" factors. So, I would highly recommend going to it, especially for anyone who already has Vista installed.
After 3 back to back to back half assed OS's from Microsoft that often received bad reviews, having them drop an OS that has had pretty much nothing but good reviews right out of the gate is huge thing.